joint wealth of India’s 100 richest $25 billion to reach $800 billion in 2022, forbes india has been informed.
The gain was mainly due to a record-breaking feat by infrastructure tycoon Gautam Adani, who changed the pecking order to the top for the first time since 2008. After nearly tripling his wealth in 2021, Adani plans to double his fortune this year to $150 billion. Become the new No. 1—and for a while, the second richest man on the planet too. Adani, the year’s biggest gainer in both percentage and dollar terms, announced it would invest $100 billion over the next decade, 70 percent of it in green energy.
Mukesh Ambani, who controls Reliance Industries [owner of Network18, the publisher of Forbes India]The oil and gas to telecom giant is at number 2 with $88 billion, down 5 per cent from last year.
Radhakishan Damani, owner of the DMart chain of supermarkets, joined the top three for the first time, although his net worth declined 6 per cent to $27.6 billion. Another year of bumper profits from Covid-19 vaccines has pushed vaccine baron Cyrus Poonawalla to the fourth spot with a fortune of $21.5 billion.
There are nine new faces this year, including three from IPOs: Falguni Nair, a former banker who became India’s richest self-made woman after listing her beauty and fashion retailer Nykaa; ethnic wear maker Ravi Modi; and shoemaker Rafiq Malik, who listed Metro Brands last December.
Three prominent members of the list passed away this year: Rahul Bajaj, the ailing scion of the Bajaj family; Rakesh Jhunjhunwala, often referred to as India’s Warren Buffet, who died in August after launching his new airline Akasa Air and is succeeded by his wife Rekha; And construction magnate Pallonji Mistry, whose 54-year-old son Cyrus Mistry died in a car crash in September, left Shapoor Mistry, the patriarch’s eldest son, at the helm of the family’s $14.2 billion fortune.
Among the four returning is Anand Mahindra, whose Mahindra & Mahindra made headlines by launching an electric SUV. Those receiving benefits were more than a majority – 60 in total – who saw their wealth decline from a year ago.
Notable among the drop-offs was Vijay Shekhar Sharma, who saw shares of his One97 Communications, the parent company of fintech Paytm, fall amid the global tech rout. The cutoff for the top 100 was $1.9 billion, roughly the same as last year’s $1.94 billion.
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